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Check Point Software Technologies Ltd. (NASDAQ: CHKP) is a global leader in network cybersecurity, specializing in delivering cutting-edge solutions to protect enterprises from a wide array of cyber threats. Founded in 1993 and headquartered in Tel Aviv, Israel, Check Point has grown to become the largest network cybersecurity vendor in the world, safeguarding over 100,000 organizations of all sizes across multiple industries.
Check Point's comprehensive security solutions encompass network, endpoint, cloud, and mobile security, fortified by its innovative AI-powered Infinity platform. This platform integrates technologies such as Check Point Harmony for workspace security, Check Point CloudGuard for cloud security, and Check Point Quantum for network security, all managed through Check Point Infinity Core Services for collaborative security operations.
Recent achievements include the launch of Quantum Spark next-generation firewalls designed to provide SMBs with robust AI-powered threat prevention and automated security management. These firewalls offer up to 5 Gbps of threat prevention performance and a 99.8% block rate against zero-day malware, phishing, and ransomware.
Financially, Check Point has demonstrated strong performance with impressive growth metrics. In the fourth quarter of 2023, the company achieved a 14% non-GAAP EPS growth and a non-GAAP operating margin of 45%, showcasing its efficient operational framework and strong market position. Additionally, the firm's Infinity platform has driven substantial subscription revenue growth, reflecting increasing customer adoption and trust.
Check Point's global footprint is supported by strategic partnerships and a robust ecosystem of Managed Service Providers (MSPs) that are crucial in delivering tailored cybersecurity solutions to small and medium-sized businesses (SMBs). By 2025, MSPs are expected to represent 40% of SMB cybersecurity expenditures, underscoring their vital role in the cybersecurity landscape.
In response to the evolving cyber threat landscape and the increasing complexity of securing AI-driven environments, Check Point has introduced AI Cloud Protect in collaboration with NVIDIA. This solution is designed to secure AI workloads in the cloud, providing comprehensive protection against sophisticated cyber threats.
As Check Point marks its 30th anniversary, the company is poised for continued innovation and growth. Founder and CEO Gil Shwed is transitioning to the role of Executive Chairman, ensuring a seamless succession process as the company embarks on its next chapter.
For more details on Check Point's latest products and financial performance, visit www.checkpoint.com.
Check Point Software Technologies reported its Q4 and full-year 2022 financial results on February 13, 2023. Q4 revenues reached $638 million, a 7% increase year-over-year, with security subscription revenues at $231 million, up 13%. Full-year revenues were $2,330 million, up 8%. GAAP EPS for Q4 was $2.20, an 11% increase, while full-year GAAP EPS was $6.31, a 4% increase. Deferred revenues increased by 10% to $1,878 million. The company also authorized a $2 billion share repurchase program, continuing its commitment to returning value to shareholders.
Check Point Software Technologies (NASDAQ: CHKP) has launched Horizon XDR/XPR, a new cybersecurity solution aimed at preventing cyber threats by intelligently correlating data. Announced at CPX 360 on February 9, 2023, this integrated platform focuses on proactive prevention across all vectors, including email, cloud, networks, and endpoints. Unlike traditional detection-centric solutions, Horizon XDR/XPR shifts the paradigm to prioritize prevention, aiming to minimize the impact of cyberattacks. The solution promises comprehensive threat protection, streamlined management, and collaborative security operations, making it a significant advancement in the cybersecurity sector.
Check Point Research has released its 2023 Security Report, revealing a significant rise in cyberattacks, marking a 38% increase in 2022 over the prior year. Weekly attacks averaged 1,168 per organization. Notably, the healthcare sector experienced a 74% increase in attacks. The report highlights trends such as the rise of organized hacktivism, evolving ransomware tactics focusing on data wiping, and a 48% surge in attacks on cloud networks. Recommendations for Chief Information Security Officers (CISOs) include simplifying security operations and enhancing cybersecurity awareness among employees.
Check Point Software Technologies has been recognized as a leader in the Frost Radar™ Global Cloud Native Application Protection Platform (CNAPP) 2022 report. The company is commended for its innovation and research in cloud security, particularly its fully integrated DevOps security.
Over the past two years, Check Point CloudGuard has enhanced its CNAPP solution, providing comprehensive protection for cloud assets and applications. The platform's shift-left security allows enterprises to address issues before production. This recognition highlights Check Point's strong growth strategy and commitment to delivering advanced cybersecurity solutions.
Check Point Software Technologies (NASDAQ: CHKP) announced its Quantum Cyber Security Platform achieved remarkable results in Miercom’s 2023 NGFW Security Benchmark report, recording a 99.7% malware block rate and 99.9% phishing prevention rate. This performance significantly surpasses competitors like Palo Alto Networks and Cisco, where average malware block rates were around 54.1%. The Quantum platform also boasts an ultra-low 0.1% false positive rate, ensuring high accuracy in threat detection. These accolades affirm Check Point's market leadership in advanced threat prevention, particularly as global cyberattacks surged by 38% in 2022.
Check Point Software Technologies (NASDAQ: CHKP) unveiled enhanced features for its CloudGuard Cloud Native Application Protection Platform (CNAPP), including a new risk management engine. These improvements focus on intelligent risk prioritization, agentless scanning, entitlement management, and pipeline security, aimed at streamlining and automating cloud security processes. In a market where 72% of organizations express extreme concern about cloud security, the new capabilities aim to mitigate risks associated with misconfigurations and improve visibility. With accelerating cloud adoption, Check Point emphasizes the need for effective risk management in securing cloud environments.
Check Point Software Technologies (NASDAQ: CHKP) has launched the Check Point Cyber Center in Tel Aviv, focusing on educating the public about cybersecurity essentials. The center features interactive exhibits and videos, detailing the history and importance of cybersecurity and the increasing threat of cyberattacks, which rose by 38% in 2022, averaging 1,168 weekly attacks per organization. The initiative aims to build awareness, especially given the 3.5 million unfilled cybersecurity jobs globally, and includes professional development opportunities for students. The center is free to attend and underscores Check Point's commitment to promoting cybersecurity education.
Check Point Research has released its Brand Phishing Report for Q4 2022, revealing that Yahoo was the most impersonated brand, with 20% of phishing attempts. The report highlights a climb of 23 places for Yahoo, while DHL and Microsoft followed as the second and third most targeted brands, accounting for 16% and 11%, respectively. The report also includes examples of phishing emails targeting users of various platforms, such as Instagram and Microsoft Teams. The technology sector remained the most imitated industry, indicating significant risks for consumers as cybercriminals employ increasingly sophisticated tactics.
Check Point Software Technologies (NASDAQ: CHKP) reports significant developments in cybersecurity threats, highlighting Glupteba's return to the top ten malware list for the first time since July 2022, now ranked eighth. Qbot has overtaken Emotet as the most prevalent malware, impacting 7% of organizations globally. Additionally, Hiddad resurfaces as a notable android malware. The report shows that the education sector remains the most targeted industry, with vulnerabilities like 'Web Server Exposed Git Repository Information Disclosure' affecting 46% of organizations.
Check Point Software Technologies (NASDAQ: CHKP) has announced the appointment of Ms. Tzipi Ozer-Armon to its Board of Directors. Ms. Ozer-Armon currently serves as CEO of Lumenis and has held key leadership roles in companies like Teva and SanDisk. Her diverse experience in the technology sector is expected to enhance Check Point's strategic initiatives. The Chairman of the Board stated her expertise aligns with the company’s goal of expanding cybersecurity leadership and driving stakeholder value during a critical period for the industry.
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